Bitcoin rebounds after 9 weeks of losses

Bitcoin (BTC) increased 5.6% in 24 hours to surge above $30,000 during Asian trading hours on Monday, data reveals

The asset has fallen for nine consecutive weeks, from $48,160 in late March to $29,600 last week. The collapse coincided with inflation worries, a trend away from risk assets

Bitcoin price charts show $29,000 was a significant support level in recent weeks. Charts imply that closing below this level might send bitcoin to its 2017 peak of around $20,000

A daily closing above $30,500 would signal recovery.
Relative Strength Index (RSI) readings are approaching 30, signalling a bottoming off

Short-term buyers might boost momentum this week. Last week's sentiment data implies greater pricing ahead.
Analysts said investors will monitor price activity before investing.

"It's premature to speak about a positive counteroffensive until Bitcoin rises over $30,600," said FxPro senior market analyst Alex Kuptsikevich.

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